Ethereum price is rising above the $2,200 resistance level. ETH is up over 8% and may continue to rise towards the $2,500 resistance in the coming days.
- Ethereum is picking up speed and recently broke above the $2,250 resistance level.
- The price is trading above $2,200 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trend line forming with support near $2,225.
- A break above the $2,275 resistance area could extend the rally.
Ethereum price follows Bitcoin
Ethereum price started a major rally above $2,000, similar to Bitcoin. ETH cleared many hurdles near $2,120 to enter positive territory. Prices surged above the $2,200 level to set the stage for a bigger increase.
A new multi-month high was made around $2,275 and the price is currently on an upward trend. There was slight movement below the 23.6% Fib retracement level of the upward move from the $2,148 swing low to the $2,275 high. However, Ethereum is still trading above $2,200 and the 100-hour simple moving average.
Additionally, on the hourly chart of ETH/USD, there is a major bullish trend line forming with support near $2,225. Meanwhile, the price is finding resistance near $2,250.
Source: ETHUSD on TradingView.com
The next major resistance is near the $2,275 level. A clear break above the $2,275 area could push the price towards the $2,320 level. The next resistance level is $2,350. Any more profits could start a wave towards the $2,500 level.
Are Dips limited to ETH?
If Ethereum fails to clear resistance at $2,250, a downward correction could begin. Initial support for the downside is near the $2,220 level and trendline.
The next major support is $2,175, or the 76.4% Fib retracement level from the $2,148 swing low to the $2,275 high. Key support is currently near $2,150 or the 100-hour simple moving average. A sustained decline below $2,150 could begin a steady decline. Key support is currently at $2,080, and a break below this level risks a near-term decline towards the $2,020 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $2,175
Key Resistance Level – $2,250